Top 10: New Units Delivered
Despite some month-over-month volatility to begin the year, 2025 has gotten off to a strong start for the multifamily industry. The expected slowdown in new supply has recently started to materialize and apartment demand has continued last year’s positive momentum – and then some. The increased supply and demand balance has been beneficial for both average occupancy and rent growth.
Despite new supply beginning to recede some from last year’s peak, the new construction pipeline will continue to play a prominent role in market performance this year. As a complimentary piece to the forthcoming July newsletter, below are the market leaders in new supply at the midway point of the year.
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|
Market |
New Units Delivered |
Percent of Stock |
|
New York City |
16,172 |
2.3% |
|
Dallas – Ft. Worth |
15,144 |
1.7% |
|
Austin |
11,678 |
4.0% |
|
Phoenix |
11,515 |
2.9% |
|
Denver – CO Springs |
10,772 |
2.8% |
|
Atlanta |
10,257 |
2.0% |
|
Charlotte |
8,759 |
3.7% |
|
Houston |
7,808 |
1.1% |
|
Washington DC |
6,686 |
1.2% |
|
Los Angeles – OC |
6,604 |
1.1% |
Of course, primary markets will always populate a top ten list for new supply. In order to get a better understanding of which markets are dealing with the most acute new supply volume relative to their size, below are the top ten markets by new units delivered as a percent of existing stock so far in 2025.
|
Market |
New Units Delivered |
Percent of Stock |
|
NC – Wilmington |
3,531 |
8.5% |
|
NC – Asheville |
1,237 |
6.5% |
|
FL – Pensacola |
2,638 |
6.0% |
|
MT – State |
840 |
5.9% |
|
FL – Fort Myers – Naples |
2,698 |
5.4% |
|
NH – Concord |
275 |
4.9% |
|
SC – Myrtle Beach |
766 |
4.4% |
|
UT – Salt Lake City |
5,400 |
4.4% |
|
WV – Charleston |
372 |
4.2% |
|
AL – Huntsville |
2,090 |
4.0% |
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